Losses due to crypto hacks in 2024 have seen a significant rise as compared to 2023. According to PeckShieldAlert, the overall loss due to crypto hacks in 2024 was approximately $3.01 billion, almost 15% more than the $2.61 billion stolen in 2023.
This sum comprises $834.5 million from frauds and $2.15 billion from cryptocurrency hacks. Notably, out of all the money that was lost in the year, around $485.50 million has been recovered so far.
PeckShield Report Stays in Tandem With Other Market Data Base
PeckShieldAlert’s report is not the only that has highlighted a rise in losses due to crypto hacks. A recent Chainalysis analysis also shows that cryptocurrency hacking is still a major threat, with over $1 billion worth of Bitcoin being stolen four years in a row over the past ten years.
In 2024, the concerning milestone be reached for the sixth time, showing how the potential for theft rises in parallel with the popularity and worth of cryptocurrencies.
There were 303 hacking incidents in 2024, compared to 282 in 2023, and $2.2 billion in stolen funds, an increase of roughly 21.07% year over year (YoY).
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Who Stole Most Crypto Funds in 2024?
In 2024, hackers with ties to North Korea took $1.34 billion from 47 incidents, a 102.88% increase in value from the $660.50 million they stole from 20 events in 2023. These figures represent 61% of the total amount stolen during the year and 20% of all cases.
The numbers highlight an alarming trend, giving the idea that North Korean hackers have been shifting their strategies to steal more and more money each year.
Solana Emerges As Top Chain For Frauds
A survey from cybersecurity firm Hacken claims that in 2024, Solana became the most popular site for cryptocurrency frauds, especially rug pulls.
Solana’s distinct features like its cheap transaction costs, quick network, and easy-to-use token production tools has adversely made it more vulnerable to scams and hacks.
Interestingly, Solana has emerged as the preferred target for scammers, even as other platforms, such as BNB Chain, saw a sharp drop in scams in 2024.
According to the report, Solana became a haven for these types of scams because of its economical and excellent infrastructure. Memes were the most often targeted tokens, with over 80% of tokens introduced on Solana falling prey to these fraudulent actions this year.
The trend also comes against the backdrop of memecoins gaining popularity in the crypto space.
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Some Notable Hacks of 2024
One of the most talked about and shocking hacks of 2024 was when the Indian crypto exchange WazirX lost over $234.9 million in funds after falling prey to suspicious transactions involving WazirX’s multi-sig wallet on the Ethereum network.
Radiant Capital reports on a $50M October 2024 cyberattack attributed to North Korea-linked hackers using advanced malware. Hackers exploited a disguised Telegram message and persistent macOS backdoor malware to bypass security measures.
In addition, a Californian sued three banks in Asia, claiming that their carelessness allowed crypto scammers to cheat him out of about $1 million.